The Japan Bank for International Cooperation (JBIC) and Mizuho Bank have signed a syndicated bank facility worth $330 million to fund the construction of Qatar’s first mega solar power plant, Japan Times reports.
“This loan is expected to contribute to further strengthening of the multilayered economic ties between Japan and Qatar,” JBIC said in a recent statement.
The syndicated loan backed by the Japanese government will used to endorse Qatar’s to increase the proportion of renewable energy in its total electricity generation to 20 percent by 2030 as it seeks to reduce dependence on fossil fuel related energy products and thermal power generation.
The project, a joint agreement between the gas-rich tiny country and Japan, will be located in in the western Qatar desert village of Al Kharsaah. Upon completion and start expected in April 2022, the future plant will produce 800 megawatts.
Japanese trading house Marubeni Corp. and French oil giant Total S.A. along with a Qatari energy firm will jointly own and run plant through a special purposed company. The joint venture will sell electricity for 25 years to Qatar General Electricity and Water Corp
Japanese banks sign joint loan to fund Qatar’s biggest mega solar power plant
